Economic and social cost of fraud 2023 to 2024 (second edition)

Product Description

This report provides the Home Office’s latest estimate of the economic and social cost of fraud against individuals and businesses in England and Wales for the 2023 to 2024 financial year. Using a framework consistent with “Cost of Crime” publications, the analysis assesses costs incurred in anticipation of fraud, the consequences experienced by victims, and the resources required in response. Fraud against the public sector is excluded.

The total estimated cost of fraud in 2023 to 2024 is £14.4 billion, comprising £9.2 billion affecting individuals and £5.2 billion affecting businesses. Consequence costs—primarily financial losses and emotional harms—account for the largest share, followed by anticipation costs and response costs. The report sets out a methodologically robust baseline estimate to inform policy, highlighting significant underreporting and data gaps that mean true societal costs are likely higher.

This report has been republished as a second edition, with minor revisions, to align with updates to the Police Activity Survey publication.